Royal Bank of Canada (NYSE:RY – Get Rating) (TSE:RY) announced a quarterly dividend on Thursday, May 25th, Zacks reports. Investors of record on Wednesday, July 26th will be paid a dividend of 0.996 per share by the financial services provider on Thursday, August 24th. This represents a $3.98 annualized dividend and a dividend yield of 4.47%. The ex-dividend date is Tuesday, July 25th. This is a boost from Royal Bank of Canada’s previous quarterly dividend of $0.99.
Royal Bank of Canada has increased its dividend by an average of 7.1% per year over the last three years. Royal Bank of Canada has a dividend payout ratio of 42.4% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Royal Bank of Canada to earn $9.27 per share next year, which means the company should continue to be able to cover its $3.93 annual dividend with an expected future payout ratio of 42.4%.
Royal Bank of Canada Price Performance
Shares of RY opened at $89.10 on Friday. The company has a market capitalization of $123.91 billion, a P/E ratio of 11.07, a price-to-earnings-growth ratio of 1.62 and a beta of 0.82. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11. The firm has a 50 day moving average of $96.24 and a 200 day moving average of $97.92. Royal Bank of Canada has a twelve month low of $83.63 and a twelve month high of $106.43.
Analyst Ratings Changes
RY has been the subject of a number of research reports. Barclays cut Royal Bank of Canada from an “overweight” rating to an “underweight” rating in a research report on Tuesday, May 9th. CIBC cut Royal Bank of Canada from a “sector outperform” rating to a “neutral” rating in a research report on Tuesday, May 16th. Desjardins raised their price objective on Royal Bank of Canada from C$145.00 to C$147.00 in a research note on Tuesday, February 7th. Finally, StockNews.com started coverage on shares of Royal Bank of Canada in a report on Thursday, May 18th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $138.33.
Hedge Funds Weigh In On Royal Bank of Canada
Institutional investors have recently bought and sold shares of the stock. Money Concepts Capital Corp bought a new position in shares of Royal Bank of Canada during the 4th quarter valued at approximately $38,000. Ancora Advisors LLC bought a new position in shares of Royal Bank of Canada in the 4th quarter valued at about $85,000. BNP Paribas Arbitrage SNC increased its stake in Royal Bank of Canada by 13.9% during the first quarter. BNP Paribas Arbitrage SNC now owns 1,640 shares of the financial services provider’s stock worth $157,000 after acquiring an additional 200 shares during the last quarter. International Assets Investment Management LLC raised its position in Royal Bank of Canada by 1.1% during the first quarter. International Assets Investment Management LLC now owns 17,458 shares of the financial services provider’s stock valued at $158,000 after purchasing an additional 188 shares during the period. Finally, Fiduciary Group LLC purchased a new position in shares of Royal Bank of Canada in the 1st quarter worth approximately $207,000. 41.19% of the stock is owned by hedge funds and other institutional investors.
About Royal Bank of Canada
Royal Bank of Canada engages in the provision of banking and financial solutions. It operates through the following segments: Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, Capital Markets, and Corporate Support. The Personal and Commercial Banking segment deals with a broad suite of financial products and services in Canada.
- Get a free copy of the StockNews.com research report on Royal Bank of Canada (RY)
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